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California State Taxes — The Facts

All forms of retirement income are taxed in California, with only social security being exempt. California is also home to one of the highest income taxes out of any American state. There are some benefits; food and prescription drugs are exempt from state and local sales taxes and real estate is assessed at 100% cash value. However, taxes on real estate is capped at 1% value and some of the local sales taxes can reach 10.5%.

Once this waiting period is over a date will be set for the Trustee Sale. This date is at least 20 days after the end of the 3 month period. During that time there will be 3 public notifications of the pending Trustee Sale in a local newspaper. A notice of the sale will also be posted on the property. Then the date of the sale will come.

CTEC approved provider Are you self employed? Do you have investment income, own rental property? Are you part of a limited partnerships, own S-corporation stock? Do you have capital gains or capital losses? Did you take money out of a pension or annuity? Did you receive foreign income? Have a casualty loss, or investment expenses? Will your return show more than just wages, mortgage interest and real estate taxes? Do you want help with tax planning and financial guidance? Then you should look to a tax professional.

With a population of 36.5 million, this beautiful state is home to nearly one in eight Americans. California has a 1.8 trillion economy the 8th largest in the world.

CTEC courses 1) Here in the U.S. 1031 exchanges allow for capital gains taxes to be deferred from an investment property and rolled into another investment property several times over. From what I understand, this apparently is very different in Canada where this option is not allowed.

CTEC classes How is that possible you may ask? Because the big banks know they will get bailed out by the Federal Government. The Federal Government in the form of a Government Sponsored Enterprises (or GSEs, as they are collectively known), will come to the banks rescue. The GSEs are Freddie Mac (Federal Home Loan Mortgage Corporation), Fannie Mae (Federal National Mortgage Association) or Ginnie Mae, (Government National Mortgage Association). They are responsible for guaranteeing the value of mortgages on the secondary market and keeping the money flowing between banks and borrowers. Without them the housing market would be in even worse shape than it is today. But there is a price to be paid for their existence.

Regarding Taxes: When it comes to taxes I will never profess to be an expert. This is too critical and the best is to contact a CPA (Certified Public Accountant) to talk about your situation and issues that you might need to look out for. Here in Santa Barbara, CA., I would be happy to recommend my father, item335336224 Mike Schmidtchen at 805-963-0881. He has been a local CPA for roughly 30 years.

Long-term care insurance premiums. Eight million Americans now own long-term care insurance policies and premiums may be tax deductible for individuals and self-employed. Many people still overlook this deduction for themselves or when assisting a parent with their own tax filings. And, note that States are increasingly allowing tax deductions or credits for the purchase of long-term care insurance.

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